Mumbai, February 06, 2026-
Highlights:
- Consolidated Revenues for the first nine months of the financial year were Rs 1,68,870 crores and EBITDA was Rs 24,894 crores. EBITDA improved 31% YoY despite the challenging operating environment.
- India1 revenues were Rs 1,01,648 crores and EBITDA was Rs 24,431 crores, which translates to an EBITDA margin of 24%. EBITDA improved by 12% YoY.
- Netherlands revenues were €4,424 million and EBITDA was €210 million. EBITDA nearly tripled YoY.
- UK revenues were £1,509 million and EBITDA loss was £170 million. EBITDA improved by 44% YoY.
- Consolidated Revenues for the Oct – Dec 2025 quarter were Rs 57,002 crores and EBITDA was Rs 8,309 crores with a margin of around 15%. EBITDA improved by 39% YoY.
- India1 revenues were Rs 35,725 crores and EBITDA was Rs 8,291 crores, which translates to a margin of 23%. Crude steel production was up 12% YoY to 6.34 million tons. Improved production led to ‘best-ever quarterly’ deliveries to the tune of 6.04 million tons, up 14% YoY.
- Netherlands revenues were €1,354 million and EBITDA was €55 million. Liquid steel production was 1.68 million tons and deliveries were 1.40 million tons.
- UK revenues were £468 million and EBITDA loss stood at £63 million. Deliveries stood at 0.52 million tons and were impacted by subdued demand and steady imports.
- The company has spent Rs 3,291 crores on capital expenditure during the quarter and Rs 10,370 crores in 9MFY26. Net debt declined by Rs 5,206 crores QoQ to Rs 81,834 crores.
- In Dec’25, Tata Steel Board affirmed the long-term growth strategy for India business. Tata Steel will prioritize investments for a) volume growth, b) value added downstream portfolio, c) identified mining assets and infrastructure to serve the needs of the India business, and d) new to the world low carbon & low capital intensity process technologies for sustainable steel making of the future.
- As part of the above stated objective, Tata Steel has consolidated its stake in color-coated business, Tata Steel Colors Pvt Ltd. The company also completed the acquisition of 50.01% stake in Thriveni Pellets Private Limited, which in turn holds 100% equity stake in Brahmani River Pellets Private Limited.
- Management Comments:
Mr. T V Narendran, Chief Executive Officer & Managing Director:
“Our global operating environment continues to be shaped by tariffs, geopolitical shifts and policy divergence. Steel markets were impacted by elevated finished steel exports from China, which at 119 million tons surpassed the 2015 peak. Against this backdrop, Tata Steel delivered a strong performance in this quarter, with India crude steel production rising 12% while deliveries grew faster at 14% YoY, surpassing the 6 million tons mark in a quarter for the first time. We continued to strengthen our market leadership across chosen segments, supported by capacity expansion and a focused downstream strategy. Automotive volumes grew 20% YoY, while our retail vertical gained further momentum. Tata Tiscon continued its growth, and our e-commerce platforms, Aashiyana and DigECA, achieved Gross Merchandise Value of Rs 2,380 crores for the quarter, up 68% YoY. Within the downstream portfolio, our tubes and wires businesses delivered their best-ever quarterly performance, supported by capacity additions, a richer product mix and dominant share in high-value infrastructure projects. We also strengthened our colour-coated portfolio through the majority acquisition in Tata Bluescope Steel Private Limited, which has now transitioned to Tata Steel Colors Private Limited. Looking ahead, the proposed 4.8 MTPA expansion at NINL and the 0.75 MTPA EAF at Ludhiana will significantly enhance our long products portfolio. At the same time, our strategic partnership in Maharashtra will fortify raw material needs beyond 2030 and help cater to the growing demand in western and southern India. In our overseas operations, deliveries stood at 0.52 million tons in the UK and 1.40 million tons in the Netherlands. Supportive policy frameworks are vital to transition to a more sustainable operating model. While the recent progress in Europe has supported sentiment, the UK market continues to be depressed, and the quota framework needs to be revised to reflect underlying market conditions.”Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:
“Tata Steel delivered consistent performance despite a challenging operating environment. For the nine months ended 31st December 2025, EBITDA margin improved by around 300 bps YoY, reflecting strong operational execution and sustained cost discipline. Our cost transformation program, focused on multiple levers including operating KPIs, supply chain efficiencies and procurement, has delivered savings of around Rs 3,000 crores for the quarter and around Rs 8,600 crores for the first nine months of the financial year. During the quarter, consolidated EBITDA was Rs 8,309 crores, translating to a margin of around 15%. In India, domestic steel prices were at multi-year lows weighing on the steel spot spreads. Despite this, our India operations delivered an EBITDA margin of ~23% aided by value led growth and cost optimisation. Both in UK and Netherlands, volumes moderated on QoQ basis. UK performance was adversely impacted by subdued demand dynamics while the Netherlands delivered an EBITDA of €55 million. Overall, operating cash flows before capex were Rs 10,345 crores for the quarter. Our consolidated Net debt declined to Rs 81,834 crores. Our group liquidity remains strong at Rs 44,062 crores, which includes cash & cash equivalents of Rs 10,765 crores. In India, we remain focused on volume growth, investments in downstream and strengthening our raw material linkages. UK market conditions continue to be pressured by subdued demand, while policy interventions are taking longer than anticipated to materialise. We are closely monitoring the situation and the evolving tariff framework and CBAM in EU, which are pivotal for rebalancing EU market dynamics. We remain focused on prioritising, optimising and sequencing our capital allocation to balance investment needs with returns, while maintaining financial discipline and long‑term value creation for stakeholders.”
